Cytek Biosciences, Inc. Q4 FY2025 earnings call

• In the fourth quarter, revenue growth was driven by stabilization and growth in U.S., turnaround in EU, continued strength in APAC, and expansion of recurring revenue businesses. - Extended global footprint by 208 instruments in Q4 2025, total installed base 3,000 264 units. FFC instrument revenue grew, unit volume grew 22% in 2025 and 26% in Q4 2025. New Scitec Aurora Evo system was successful. NEWS Microsystem awarded Biotech Breakthrough Award. - Reagent revenue grew over 20% in Q4 2025 in all regions except U.S. - Recurring revenue continued to strengthen, representing 34% of total revenue in 2025 and growing 21% year-over-year. - Bioinformatics software ecosystem was a growth driver, Spicer Cloud users grew to over 24,000 by year-end 2025. - Established new manufacturing facility in Singapore in 2025, which started generating revenue in less than 100 days.

Fourth quarter 2025 revenue reached $62.1 million, up 8% year-over-year. Geographically, EMEA and APAC had double-digit year-over-year revenue increases. U.S. had mid-single-digit year-over-year growth. 2025 total revenue was $201.5 million, up 1% year-over-year. Recurring revenue in 2025 was 34% of total revenue and grew 21% year-over-year. Reagent revenue grew over 20% in Q4 2025 and over 25% for 2025. Service revenue grew 25% in Q4 2025. GAAP gross profit in Q4 2025 was $32.9 million, down 2% year-over-year. GAAP gross margin was 53% in Q4 2025. For full year 2025, total revenue was $201.5 million, up 1% year-over-year. GAAP gross profit was $104.5 million, down 6% year-over-year. GAAP gross margin was 52% for 2025.

• Initiated 2026 revenue outlook at $205 million to $212 million, assuming constant currency exchange rates. - Guidance range reflects improved market environment in EMEA and U.S., continued strong growth in APAC instruments, service, and reagent businesses. - Anticipate continued positive performance relative to flow cytometry market, which is beginning to stabilize. - Expect adjusted EBITDA to continue in 2026 as in 2025.

• Forward-looking statements involve significant risks and uncertainties that could cause actual results to differ from anticipated. - Risks and uncertainties appear in slide presentation, press release, and SEC filings. - Non-GAAP financial measures presentation not a substitute for GAAP, and company disclaims duty to update forward-looking statements. - Uncertainty of realizing future tax benefits led to recording of valuation allowance in Q4 2025.

Q: Brendan Smith asked about underlying assumptions of overall full-size telemetry market growth and geographic considerations for expansion.

A: Bill said consistent double-digit growth in APAC revenues, Europe was slowest, U.S. in between, and Wenbin summarized market growth rates for flow cytometry.

Q: David Westenberg asked about end of year growth acceleration, drivers, and 2026 budgets.

A: Bill said growth was driven by normalization in academic and government spending, catch-up disbursements, and currency benefit in EMEA, and they expect continuation of positive environment.

Q: Mason Carrico asked about commercial investments in 2026 and pricing.

A: They are reviewing segments and will continue to invest in commercial side, including reagent sales force, and pricing is market-driven.

Q: Andrew Cooper asked about magnitude of pent up demand and guide.

A: Bill said it's hard to estimate magnitude of pent up demand, and guide range was set with contingencies to account for uncertainties